Power company ENGIE and Crédit Agricole Assurances announced today the acquisition of Eolia Renovables, one of the largest renewable power producers, from Canadian investment manager Alberta Investment Management Corporation (AIMco).

Eolia currently manages an 899 MW portfolio of renewable energy assets with long-term contracted revenues, and also brings a 1.2 GW pipeline of renewable projects in Spain. Crédit Agricole Assurances will own 60% of the operating assets, and ENGIE will hold 40% and will develop and build the pipeline of projects.

According to ENGIE, the deal will enable the company to boost its presence in the fast-growing Spanish renewables market, and will help the company meet its goal to reach 50 GW of renewable capacity by 2025. Earlier this year, the company unveiled a major repositioning strategy, including plans for major investments in renewables and energy solutions, along with €9-10 billion of asset disposals. The company aims to annually add 3-4 GW through 2025, and anticipates reaching 80 GW of renewables capacity by 2030, with projects including onshore wind, offshore wind and solar across Europe, North America, and Latin America.

Catherine MacGregor, ENGIE CEO, said:

“This acquisition of Eolia Renovables, one of the largest renewable players in Spain, is fully in line with our strategy which is to accelerate our investments in Renewables in our key markets while bringing our industrial and energy management expertise. The transaction will also allow the Group to support Spain in reaching its ambitious renewables and decarbonization goals.”

For Crédit Agricole, the transaction aligns with its energy transition investment strategy, which includes an ambition to significantly ramp renewable energy investments over the next few years.

Philippe Dumont, Crédit Agricole Assurances CEO, said:

“This new investment alongside our partner ENGIE will help Crédit Agricole Assurances to strengthen its presence in the energy transition. This acquisition is a new step further in our commitment to helping fight climate change, contributing to our objective to double our investments in renewable energies and reach a 11 GW installed capacity by 2025.”